1. Improvements in technology for producing all goods must result in (A) an inward shift in the production possibilities curve (B) an outward shift in the production possibilities curve (C) a flatter production possibilities curve (D) a steeper production possibilities curve (E) greater unemployment of labor
2. The quantity of peanuts supplied increased from 40 tons per week to 60 tons per week when the price of peanuts increased from $4 per ton to $5 per ton. The price elasticity of supply for peanuts over this price range is (A) Elastic (B) Inelastic (C) unit elastic (D) perfectly elastic (E) perfectly inelastic
3. Which of the following best describes the law of demand? (A) The For the firm shown in the graph above, the short-run, profit-maximizing strategy would be to set output at (A) Q1, price at P1, and suffer a loss (B) Q1, price at P3, and earn an economic profit (C) Q1, price at P3, and earn only a normal profit (D) Q2, price at P2, and earn an economic profit (E) Q2, price at P2, and earn only a normal profit
12. Which of the following will tend to make the demand for a product more elastic? (A) New firms which produce similar products enter the industry. (B) A change in taste and preferences makes the product more desirable. (C) The product is necessary for use with a complement. (D) Production of the product is protected by a patent. (E) Production cost of the product decreases.
13. In a perfectly competitive labor market, an increase in an effective minimum wage will result in (A) an increase in the supply of workers (B) a decrease in the supply of workers (C) a decrease in the demand for workers (D) more workers being hired (E) fewer workers being hired
14. Which of the following taxes contributes most to decreasing inequality in the distribution of income? (A) Progressive income taxes (B) Sales taxes (C) Proportional income taxes (D) Excise taxes (E) Import tariffs on necessities
15. A free-rider problem arises when a good is (A) Nonrival (B) Nondepletable (C) Nonexcludable (D) produced in a competitive
Exploiting the vulnerable 5 Tenzin Jurmey Econ 1000 Final paper. 12/9/2012. Exploiting the Vulnerable. The fast food industry sees children as a future as well as current market and hence brand loyalty at a young age helps in the quest of continued sales later. $15-17 billion is spent by companies advertising to children in the US. Over $4 billion was spent in 2009 by the fast food industry alone. Children are naïve about advertising and are easily controlled and exploited by the…
A.M.D.G. Gabrielle Ruane 1/21/2015 Econ 202-Jorgensen The Decision of a Lifetime When you are about to graduate high school, you have to start making decisions that matter. You have to be mature and rational in your decision making. Especially when it comes to one of the most important decisions in your young adult life, where to go to college. For some the answer is easy, such as going to your parent’s alma mater or the school that offered you a scholarship. On the other hand, you have people that…
Professor Yamin Ahmad, Principles of Macroeconomics – ECON 202 Economics 202 Professor Yamin Ahmad, Principles of Macroeconomics – ECON 202 The Federal Reserve System Principles Of Macroeconomics Professor Yamin Ahmad Supplemental Notes to Monetary Policy • The Federal Reserve System • The Federal Reserve System, or the Fed, is the central bank of the United States. • A central bank is the public authority that regulates a nation’s depository institutions and controls the quantity of money…
Zhe Sun Giselle Rubi Gilberto Rodriguez Thinh Mai Prof. Slotkin 03/31/16 Economics 1A Essay Questions Midterm #2 1. “A government whose bonds are widely held by the general public is less likely to face violent revolution.” Why might that be the case? Before we answer the first question, we must need to know what a “Government Bond” is. It is a debt security issued by a government to support government spending, most often issued in the country's domestic…
True and False question: 1) Law of demand says that there is an inverse relationship between the price and quantity demanded. As price decreases, quantity demanded increases. In this case, it says the price of home heating was cheaper (decreased), but people bought less than (decreased). This is against to law of demand. So this statement is TRUE, it is contradicts to Law of Demand. 2) Some question came up in my mind that “what happens to number of economists in the future if more people study…
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In the article “The Great Housing Rebound of 2012,” Christopher Matthews discusses how there is hope for Americans in the housing market, and on how the Federal Reserve is the most important factor in increasing home prices. Matthews argues how unemployment plays a large role in the housing markets recovery, and how in order to have higher prices, buyers need to be able to make enough money to afford the house. Unemployment needs to decrease in order for America to truly be a strong economic force…
ECON NOTES The primary authority for software revenue recognition is AICPA Statement of Position (SOP) No. 97-2, Software Revenue Recognition, which is the result of about 12 years of development work from 1985 through 1997. It applies to both public companies (according to SAB 104) and private enterprises. Under SOP 97-2, recognition of revenue generally occurs at delivery if a four-part conjunctive test is met. Software delivery should be straightforward and require no special production, modification…
Fundamentals of Macroeconomics ECON/372 Principles of Macroeconomics To understand the business cycle, one must understand that there are several intricate pieces to the puzzle to allow it to be whole and show the whole picture. If even one piece is missing the picture is not complete, and the cycle can come to a halt. First one has to understand the GDP, Gross Domestic Product. The GDP is price of all goods and services a country can produce at any given time. This is equal to the government…